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Author Archives: M. Faizan

Pakistanis must take advantage of Tax Amnesty Scheme: Ghulam Mustafa Hassan

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ISLAMABAD: Chief Commissioner Large Taxpayer Unit FBR Ghulam Mustafa Hassan has said that present amnesty scheme is the most successful scheme in the history of Federal Board of Revenue. He said no imposition of penalty and prosecution would be made under any law in future against amnesty scheme holders, therefore, it is golden opportunity and Pakistanis must take the advantages ... Read More »

Senate Standing Committee seeks report over closure of power loom units in Faisalabad

SENATOR SYED SHIBLI FARAZ, CHAIRMAN SENATE STANDING COMMITTEE ON COMMERCE AND TEXTILE INDUSTRY PRESIDING OVER A MEETING OF THE COMMITTEE AT PARLIAMENT HOUSE ISLAMABAD ON JULY 19, 2018.

ISLAMABAD: Senate Standing Committee on Commerce and Textile in its meeting discussed the matter of collapse of power loom sector in Faisalabad in connection with a point of public importance raised by Senator Mian Muhammad Ateeq Sheikh in the House that was subsequently referred to the committee. The standing committee meeting was held under the chairmanship of Senator Syed Shibli ... Read More »

22 projects of CPEC worth $28.6b are under implementation: Dr Shamshad

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ISLAMABAD: Minister for Finance, Planning, Development & Reforms Dr Shamshad Akhtar said that substantive growth has been made in China-Pakistan Economic Corridor (CPEC) projects during last five years, wherein a total of 22 projects worth around $28.6 billion in CPEC portfolio are under implementation. She expressed these views while addressing 55th CPEC Progress Review Meeting, which was attended by Chinese ... Read More »

Concessions to people of FATA/PATA & Malakand division are still in place: Dr Iqbal

Member Dr Iqbal

ISLAMABAD: The meeting of Senate Standing Committee on Finance, Revenue and Economic Affairs was held under the chairmanship of Senator Farooq H. Naek.  The meeting was attended by Senator Mian Muhammad Ateeq Shaikh, Senator Mohsin Aziz, Senator Dilawar Khan, Senator Khanzada Khan, Senator Anwarul Haq Kakar and senior officers from the Federal Board of Revenue (FBR), Ministry of Finance and ... Read More »

FBR will fully implement directions of Supreme Court on misuse of green channel facility: FBR Spokesperson Dr. Iqbal

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ISLAMABAD: Federal Board of Revenue Member Inland Revenue (Policy) and Spokesperson Dr. Muhammad Iqbal said that if any officers and staff members of customs service are found involved in misuse of green channel facility, FBR will take stern action against them. During an interview with Customs Today, he said that FBR ordered Secretary Enforcement to investigate the matter and use ... Read More »

Islamabad Customs collects Rs6,892m CD during FY17-18

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ISLAMABAD: Customs Collectorate achieved the revenue collection target two days before the end of current fiscal year 2017-18. Collector Zulfiqar Ali Chaudhary extended felicitations to entire team of Customs department for achieving target. Sources told Customs Today that Federal Board of Revenue (FBR) had assigned Rs6,845 million revenue collection target under the head of customs duty (CD) for fiscal year 2017-18. ... Read More »

OECD to extend technical assistance to Pakistan for tax reforms

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ISLAMABAD: Pakistan and Organization for Economic Cooperation and Development (OECD) would further strengthen their cooperation in various areas including tax-related matters and sharing of experiences in social and economic development. The OECD will extend technical assistance to Pakistan in its efforts for undertaking broad-based tax reforms. These views were expressed during the bilateral meeting between Finance Minister Dr Shamshad Akhtar ... Read More »

FBR chairman Pasha briefs Dr. Shamshad over revenue collection measures

Dr Shamshad Akhtar

ISLAMABAD:  Minister for Finance, Revenue, Economic Affairs, Statistics and Planning Dr. Shamshad Akhtar , chaired a meeting to review the performance of the Federal Board of Revenue in the current financial Year (2017-2018). Chairman FBR, Tariq Mehmood Pasha, felicitated the minister on assuming her new responsibilities and gave a detailed presentation on the measures so far being taken by the ... Read More »

Rawalpindi I&I seizes NDP goods worth Rs554.67m in 11 months: Shahid Jan

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ISLAMABAD: Directorate of Customs Intelligence and Investigation Additional Director Shahid Jan has said that Rawalpindi directorate showed tremendous performance during eleven month of the current fiscal year 2017-18. “We have seized smuggled goods and non-duty paid vehicles having total value of Rs554.67 million while last year during the same period the directorate could seize smuggled goods worth Rs491.61 million,” he said during ... Read More »

FBR to serve notices on 1 million wealthy tax evaders from July 1: Tariq Pasha

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ISLAMABAD: Federal Board of Revenue Chairman Tariq Mehmood Pasha has warned the tax evaders and non-filers belonging to rich community that if they will not take the advantages of amnesty scheme then they should be ready to face the law. He has stated this during a meeting with parliamentarians at Parliament House. “We have travel history, bank transactions record, property details, ... Read More »

Medical reimbursement: FBR starts recovery of Rs2.19m from twelve officers

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ISLAMABAD: Federal Board of Revenue (FBR) has initiated the recovery proceeding against twelve officers of FBR Headquarters and field officers on account of medical reimbursement amounting to Rs2.19 million. Sources told Customs Today that Federal Board of Revenue headquarters and its two field offices made payments to twelve officials for medical treatment from private hospitals. They were neither referred by any ... Read More »

ECC approves five-year tax exemptions for FATA & PATA

Bangladesh frozen food exporters seek tax cut in upcoming budget

ISLAMABAD: The Economic Coordination Committee (ECC) has approved tax exemptions and other incentives for the next five years for the people of erstwhile FATA and PATA after the landmark 31st Constitutional Amendment. ECC also approved exemption of income tax on profits and gains of existing businesses conducted by individuals for a period of five years. These businesses; however, need to ... Read More »

ECC approves amendment to Section 19 of Customs Act 1969

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ISLAMABAD: In order to incentivize pioneer industries in the country, the Economic Coordination Committee (ECC) has approved amendment to Section 19 of the Customs Act 1969, Sales Tax Act 1990 and Income Tax Ordinance 2001 for providing enabling legislation to extend incentives under the Pioneer Industry Policy. The ECC considered issues in the applicability of SRO. 1067(I)/2017 due to limited human ... Read More »

Govt appoints Arshad Hussain Bhutta as judge of Rawalpindi Customs Court

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ISLAMABAD: Federal cabinet has approved the appointment of Arshad Hussain Bhutta as judge Special Court (Customs, Taxation and Anti-Smuggling) Rawalpindi. Federal cabinet also approved the appointment of Judicial Member (BS-21) Customs Appellate Tribunal, Bench-II and Bench-III, Karachi. The cabinet also approved memorandum of agreement between the Ministry of Commerce, Government of the Islamic Republic of Pakistan and the Department of ... Read More »

Ministry of Ports & Shipping seeks record of land allotted to US Consulate in Karachi

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ISLAMABAD: Ministry of Port & Shipping has sought the record from Karachi Port Trust (KPT) relating to lease of 20.80 acres land allotted to US Consulate in Karachi and received the lease rent and also record of allotment of land for Karachi Port Trust offices to Cooperative Housing Society Karachi for inspection and scrutiny. According to the sources ministry high ... Read More »

RTO recovers Rs7b outstanding dues till May: DC Farrukh Sial

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ISLAMABAD: Regional Tax Office has achieved 80 percent budgetary targets of current financial year with 27 percent growth in tax revenue collection. The RTO has collected Rs71.6 billion till April 2018 against the assigned revenue target of Rs90 billion. These views were expressed by Deputy Commissioner (Hqr) Regional Tax Office Inland Revenue FBR Furrukh Amir Sial during an exclusive interview with ... Read More »

FBR expresses reservations over Phase-II of Pak-China Free Trade Agreement

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ISLAMABAD: Federal Board of Revenue (FBR) has expressed concerns over the Phase II of Pak-China Free Trade Agreement. According to the reservations of FBR, concessions under Phase ll would be to the detriment of Pakistan’s local industry are not justified. Commerce Minister Muhammad Pervaiz Malik has conveyed to the FBR that on their reservations Ministry of Commerce has held extensive consultations ... Read More »

Customs duty drawback cases should be resolved on priority basis

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ISLAMABAD There are 45,849 customs duty drawback (rebate) claims are still pending with Pakistan Customs during the last three years under the SRO 212 (1) /2009 dated 5th March and total amount involved is Rs1103.879 million. Minister of Finance has assured the Parliament on the written question of Member National Assembly Siraj Muhammad Khan that concerted efforts would be undertaken ... Read More »

FBR clears 57,309 cases of sales tax refund claims during last two years

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ISLAMABAD: Federal Board of Revenue has made payment of sales tax refunds amounting to Rs.1,17,084 million in 57,309 cases to the claimants during the last two years and current financial year. During 2015-16, payment of Rs. 50,660 million has been made in 38,217 sales tax refunds cases while 2016-17 payment of Rs 25,683 has been made in 4,724 sales tax ... Read More »

Finance ministry recommends imposition of penalty on non-, late filers

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ISLAMABAD: Ministry of Finance has identified internal control weaknesses in Federal Board of Revenue (FBR) and emphasized to ensure imposition of penalty on non- and late filers of tax returns and maximize the assurance level to safeguard the public exchequer through post-refund audit. It is important to mention here that the Federal Board of Revenue has a Director General of ... Read More »